The real estate sector in the UAE continued its growth and investment attractiveness during the first half of this year, supported by the economic and financial stability witnessed by the country, and the launch of new quality projects to keep pace with the high demand for various real estate units.
According to the monitoring of the Emirates News Agency, WAM, the largest real estate companies in the country have launched a large number of huge real estate projects since the beginning of this year, which has contributed to the multiplicity of investment options that provide strong opportunities for investors and those aspiring to live and work in the UAE, which has strengthened its position as a global center for high-quality, environmentally friendly real estate.
The real estate sector in the UAE is expected to continue to achieve good growth rates in 2024, with the government and the private sector launching new real estate projects and infrastructure projects in many areas due to the increase in population and expatriates coming from abroad for investment or work purposes.
The real estate projects launched since the beginning of this year have varied between residential and commercial complexes and towers, in addition to office spaces to keep pace with the increase in the number of companies and projects. The Emirate of Dubai has acquired the largest share of the number of new real estate projects, as more than 12 new projects have been launched by companies such as “Emaar Properties”, “Deyaar Development” and “Dubai Investments”, in addition to the expansion of “Dubai Mall”.
Residential real estate in the Emirate of Dubai witnessed growth through the completion of about 6,600 new units in Dubai during the first half, bringing the total number of units to 736,000 units, in addition to expectations to deliver about 20,000 residential units in the second half of 2024.
According to the Dubai Land Department, the real estate sector in the emirate attracted 50,000 new investors during the same period, and the department achieved strong results after the value of real estate transactions reached 346 billion dirhams, a growth of 23 percent, through the implementation of 100,520 transactions.
The projects of “Aldar Properties” that were launched since the beginning of this year constituted a qualitative addition to the real estate market portfolio in the country, as the company launched about six diverse projects in Abu Dhabi and Dubai, while “Bloom Holding” launched three projects in Abu Dhabi, including the fifth and sixth phases of the “Bloom Living” project, while “Modon Properties” launched the integrated Al Hudayriat Island project.
The Emirate of Sharjah registered seven new real estate projects in the first half of this year, ranging from residential complexes to residential and commercial towers with a total area of 16.2 million square meters, including two projects licensed for sale under the ownership system for non-citizens and Gulf nationals, namely: Anantara Sharjah Residences project in Al Raffa area, and the Faradis Tower project in Al Mamzar area, so that the emirate succeeded in strengthening its position among the most important real estate destinations after recording real estate transactions worth 18.2 billion dirhams during the first half, with a growth rate of 35.6 percent compared to the same period last year, according to the Sharjah Real Estate Registration Department.
About four new real estate projects were also launched in the Emirate of Ras Al Khaimah, including three projects by Ras Al Khaimah Properties, and the launch of the residential tower “Dana Bay” by Dubai Investments.
The office real estate market also witnessed strong demand during the first half of 2024, as the UAE is an exceptional destination for businessmen and start-ups based in the country, as the total office stock reached about 9.26 million square meters in Dubai, and 18 thousand square meters will be added in the next two quarters of this year, while the total office space in Abu Dhabi reached 3.95 million square meters, and an additional 125 thousand square meters are scheduled to be delivered in the second half of 2024.
Aldar Properties recently announced its efforts to develop office spaces on Yas Island Saadiyat and Al Maryah Island, in addition to announcing the launch of an office tower in Dubai, which in turn adds a leasable area of 88 thousand square meters and is scheduled to be delivered in 2027.
In light of the attractiveness of the real estate sector in the country, foreign investors have increased their investments in UAE real estate stocks, as net purchases by foreign investors amounted to 5.85 billion dirhams in the first half of 2024, distributed by 4.44 billion dirhams in the Abu Dhabi market Financial and 1.4 billion dirhams in the Dubai Financial Market.